Crazy Idea That Seems To Work?

MockingbirdActive Member

Joined:

Dec 6, 2014

Threads:

24

Messages:

149

Likes Received:

19

Okay somewhere along the line I got this idea in my head about car insurance and the policy payments. Normally the contract is for a year, and the number of times you pay can vary, mine being twice a year. I got this thought in my head when money was scarce that I could actually extend the payment time if I missed the due date and let the payment go into the grace period.

I noticed this moved the next payment date back further on the calender. Now I am not saying this is a great plan, heaven forbid something should happen, but as long as you make the payment before cancellation all seems to be okay. I had the thought this might be a good way to move the due date closer to a period when I have a better cash flow. When all is said and done you pay the same, it is just the dates change a bit. Is this a bad plan or is there a better way to handle pay dates for car insurance?

MrsJonesActive Member

Joined:

Oct 30, 2014

Threads:

216

Messages:

766

Likes Received:

230

Mockingbird, you're idea is not crazy. This happens every day. As long as you pay 'within' the grace period you're safe. Also depending on the method of payment, if by mail especially, send payment extra early. Sometimes paying late could reflect on your credit report/rating if that is important to you. You could also ask if you can change your payment date or change to monthly payments instead.

Some insurance companies are willing to work with the clients to keep their business. I hope these suggestions were of help.